Mortgage rates for 30-year fixed loans moved higher, 15-year fixed rates ticked down, and 5/1 ARMs rose slightly, according to a NerdWallet survey of current mortgage rates published by national lenders Thursday morning.
The Federal Reserve left short-term interest rates unchanged yesterday, as had been widely expected. While admitting that the U.S. economy stumbled a bit in the first quarter, the Fed said that the setback was likely “transitory” and that “economic activity will expand at a moderate pace.”
Some mortgage lenders took the Fed’s optimistic tone as a cue to reprice their rates higher today. The central bank will next meet in June and will once again discuss a possible interest rate hike.
Tomorrow’s U.S. employment report will be the next measure of the economy that could motivate some significant movement from mortgage rates.
MORTGAGE RATES TODAY, THURSDAY, MAY 4:
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NerdWallet daily mortgage rates are an average of the published annual percentage rate with the lowest points for each loan term offered by a sampling of major national lenders. APR quotes reflect an interest rate plus points, fees and other expenses, providing the most accurate view of the costs a borrower might pay.
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